This brand will be joined by a new "luxury hotel brand" for the resort, to be identified within 45 days, Thomas Ireland, head of Fort Lauderdale-based Ireland Cos., tells GlobeSt.com. Ireland Cos. acquired the 23-acre resort for $16 million in 2004 and is in the process of converting it to a condo hotel resort. "The brand will be among the top 10 luxury-rated hotel brands in the world," he says.

When Ireland acquired the property, which was built in 1982,"it was so run down that Wyndham had taken its name off," he says. "They were going to manage it, but, the company got broken up, so we searched for the best management we could find."

Renovation of the nine-building resort and conversion of its 252 units began in first-quarter 2005. Seven of the buildings have been completed. Each unit is a suite with two keys, creating 504 keys. Units range from 875 sf to 1,350 sf, and sales are between $400,000 and $750, 000. "We sell them one building at a time, as each building is renovated," he says. "The property is now 60% sold. These are secondary residences, and owners utilize our hotel rental and management program for the time they are not here." He says 75% of sales have been to people from Latin America, Spain and England, and the remainder to people from this area and the Northeast.

Three existing restaurants have been renovated and another three have been added. The 140,000-sf convention center "is all new," he says, "and has 100,000 sf of convention and meeting space along with offices, bars and support services. The Red Door spa is the cornerstone at the entry to the convention center. Despite hurricanes, the overall renovation is 80% complete, and we never closed," he says. The cost, he acknowledges, "is more than we originally expected and will be $120 million when all is done."